Here are some of the most important housing trends you need to know.
As we leave the fall and enter the holiday season, what’s happening in our housing market? This time of year is traditionally slower for real estate, but is that the case this year? Let’s take a look at the latest trends and find out.
Right now, inventory levels are very low. This is normal for this time of year, but it’s even lower than usual because of changes in the market. Many people who would have sold their homes have decided to stay put due to higher interest rates. Inventory is still coming into our market, but it’s mostly new construction.
“It looks like inspections are here to stay, at least for a little while.”
Another trend we’re seeing is that open houses across our area are still popular. Some people may think that nobody wants to move this time of year, but that isn’t the case. People move all year round. If you look at our market historically, a lot of activity still happens in November and December.
A continuing trend is that buyers have more negotiating power. As a result, it looks like inspections are here to stay, at least for a little while. Inspections were practically nonexistent during the peak of the market, so this is great news for buyers.
On a similar note, most offers in our market are either at asking price or slightly below. This reflects the new negotiating power buyers have. You no longer have to offer way above the list price just to win a house. There’s also less competition, so you likely won’t have to compete with 30 other buyers for a fantastic deal.
Overall, our market is leveling out. If you have questions about what these trends mean for you or anything else, please call or email us. We are always willing to help!